Global Haptic Technology Market Outlook 2024, Forecast To 2033
8 Mar, 2024
The haptic technology market has experienced rapid growth, expanding from $9.68 billion in 2023 to $10.87 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. This growth is driven by factors such as increased adoption in gaming, entertainment, and medical applications. Looking ahead, the market is projected to continue its rapid expansion, reaching $16.52 billion by 2028, with a CAGR of 11.0%. Expansion in augmented reality (AR) and virtual reality (VR) applications, integration with Internet of Things (IoT) devices, and advancements in tactile sensors are expected to drive this growth. Additionally, trends such as wearable technology and sustainable haptic solutions are anticipated to shape the market, alongside the widespread adoption of haptic feedback in various industries to enhance user experiences.
Global Haptic Technology Market Key Driver
The haptic technology market is poised for significant growth driven by the increasing penetration of consumer electronics. As electronic devices designed for personal use become more ubiquitous, haptic technology enhances user experiences by providing tactile feedback, making interactions intuitive and immersive. With domestic production of electronics in India projected to soar from $87 billion in FY22 to an estimated $300 billion by FY26, and with a reported 3.8% increase in mobile connections in the UK, reaching 71.8 million in 2022, the trajectory is clear. By 2025, around 95% of the UK population, or approximately 65 million individuals, are expected to own smartphones. Therefore, the rising prevalence of consumer electronics sets the stage for robust growth in the haptic technology market.
Get A Free Sample Of The Global Haptic Technology Market ReportGlobal Haptic Technology Market Segments
The haptic technology market covered in this report is segmented –
1) Component:Solution, Software
2) Device Type:Active Haptics, Passive Haptics
3) Feedback Type:Tactile, Force
4) Touch Screen Technology Type:Capacitive, Resistive, Other Technologies
5) Application:Consumer Electronics, Gaming, Healthcare, Robotics, Education, Research, Other Applications
By Geography: The countries covered in the haptic technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the haptic technology market in 2023. The regions covered in the haptic technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Haptic Technology Industry Players
Samsung Electronics Co. Ltd.; Meta Platforms Inc.; Texas Instruments Incorporated; TDK Corporation; ON Semiconductor Corporation; Microchip Technology Inc.; Zebra Technologies Corporation; The Johnson Electric Limited; AAC Technologies Holdings Inc.; Synaptics Incorporated; SMK Corporation; Ultrahaptic; Immersion Corporation; Quanser Consulting Inc; HaptX Inc.; Novasentis Inc; Hap2u; Boréas Technologies Inc.; Sensel Telematics Private Limited; Precision Microdrives Ltd.; FundamentalVR; HAPTION SA; Actronika; Force Dimension; bHaptics Inc; Dot Incorporation; VRgluv LLC; FLAIM Systems Pty Ltd; 3D Systems; Camar ApS.
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Haptic Technology Market Overview
Haptic technology refers to a technology that involves the experience of touch-based sensations. It allows users to receive physical sensations and feedback from virtual or remote environments through the sense of touch.